Moody’s has upgraded the corporate family rating of the Topgolf Entertainment Group in view of the international venue operator’s support following its merger with Callaway Golf Co. The rating agency has also changed its outlook to stable. Moody’s expects that Topgolf will be in a position to start generating positive cash flow in 2022, thanks to its existing and future growth. By the end of that year, its debt/Ebitda ratio should be in the range of six times. However, Callaway is not explicitly guaranteeing repayment of Topgolf’s outstanding debt of more than $500 million.